H.R.37

I have to agree with Congresswoman Marcy Kaptur’s opposition on H.R.37. Kaptur states, “The American people, some who have lost their life savings, their jobs and dignity during the 2008 financial disaster deserves better than a rubber stamp for Wall Street.” Kaptur goes on to say, “Instead of joining House Democrats and supporting bills that lift up all Americans, House Republicans would rather go back to the days of sub-prime mortgages, risky Wall Street schemes and giveaways for their most loyal campaign contributors.” In addition, H.R. 37 would allow for a two year delay in implementation of the Volker Rule and also limit regulatory authority to police financial markets.

After I have read the book; Who Stole the American Dream by Hendrick Smith, I can understand Representative Kaptur’s decision on opposing H.R.37. I came to the conclusion that greed and deception can disrupt many American families. The results of some of the decisions that were made in our economic and political systems during the 1970’s to the 2000’s were in some instances economically, devastating for many middle class families. The book points out in some aspects, that the 70’s and 80’s set the stage for many ordinary Americans to be cut out of their share of the nation’s economic gains. For example, in the book, Hendrick mentions that in some occasions, immigrants were deceived with “rushed” sub-prime mortgages that were not adequately explained. Many had no clue of “adjustable rate mortgages” and “minimal mortgage payments” that created huge debts for families. Hendrick further explains instances of deceptive 401(k) plans from businesses to deceptive stock options on Wall Street that contributed to the economic collapse of 2008.

In my opinion, deception practices must be reduced if not eliminated from our banking industry, corporations, businesses and investment firms in order to gain back the trust of the American people.